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You Can Repair Your Credit With These Tips

There are many people that are under the impression that bad credit will always be bad credit. These same exact people think that once your credit is bad, it is all over. There is no sense in even trying to fix it, because you can't. This is completely and totally false. You can repair your credit.

The keyword here is “Your.” It is your credit, and you are the only one that can do anything about it, but that does not mean that you can't get a few tips on how to repair your credit. has gone to work for you. We have come up with this handy list of ways that you can repair your credit. Don't worry. These tips are 100% free!

Understanding your credit score

To make things easier on everyone, credit reporting agencies have adopted a numeric credit rating system. Your credit has been transformed into one number. This makes it easier for lenders, banks, and other financial institutions to quickly understand your credit by just referring to one number.

Understanding this number is simple. The lower the number is, the worse your credit is. The higher the number is, the better your credit is. This doesn't mean that it is not confusing for some people. Throw in the fact that there are three different credit reporting agencies all reporting a different number, and you have a lot of confusion. Don't worry about it.

Get a copy of your credit report

The very first thing that you need to do is obtain a copy of your credit report. You can get a copy for free. Once you have a copy of your credit report in your hand, look it over very carefully. You should be looking for any information that looks inaccurate. If you find any errors, report them immediately.

You may be surprised to find some things on your credit report that are not even yours. You can dispute these items and have them removed.

Repairing your credit

Once you have taken care of any inaccurate information that is on your credit report, it is time to start rebuilding your credit.

Take a closer look at the amount of credit cards that you have. Are they all maxed out or really close to being maxed out? The first mistake that most people make is this. They pay off all of their credit cards, and other loans, and then they close all of their accounts. This will not help you rebuild your credit.

Lenders like to see a long history of good credit with several different accounts. The best thing to do is to close a few of your credit cards and pay the balances down. Leave a small balance on them at all times and continue to make your payments on time. These are the best steps for repairing your credit.

If your credit is bad and you have already closed all your accounts, then apply for a bad credit loan and keep a small balance on it to help improve your credit score. Don't keep submitting credit application after credit application. This will only harm your credit.

*Lenders typically will not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, Credit checks or consumer reports may be obtained by some lenders.

**Most lenders fund the next business day.